Has the frog lost its croak?
The gradual decline in memecoin hype has dented PEPE’s daily decline since April. On-chain data shows that the number of addresses involved in daily PEPE transactions has fallen by 17% since April 1. Similarly, new demand for the memecoin has also declined over the same period. Data obtained by Santiment shows that the number of new addresses involved in PEPE transactions totaled 1,047 on April 5. This is a 42% decrease from the 1,792 new addresses that requested memecoin on March 31. As bearish momentum climbs, the profitability of daily PEPE transactions has also declined. AMBCrypto observes the PEPE daily trading volume profit-loss ratio using a 7-day moving average and finds that the ratio has continued to decline since March 31. At press time, the ratio is 0.975, a metric that suggests that for every PEPE transaction that ends in a loss, only 0.975 trades are profitable. This means that the number of trades that ultimately lose money is higher than the number of trades that investors achieve profit.
